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Old 11-15-2012, 21:12   #13
HexHead
Senior Member
 
Join Date: Jul 2009
Posts: 4,818
Quote:
Originally Posted by cowboy1964 View Post
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Instead of cashing out your 401k or IRA, if you can take a loan you may want to consider doing that.
There aren't loan provisions against IRAs, only 401ks if your employer allows them. If you have a loan against your 401k amd leave your job, you have a short window to repay it before the IRS considers it a distribution, and taxes/ penalizes accordingly.
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